Secure I 1 Homework 6 saad Help 2 Campbell a single taxpayer

Secure I 1 Homework 6 saad Help 2 Campbell, a single taxpayer, earns $400,000 in taxable income and $2000 in interest from an investment in State of New York bonds (Use the US Laxrate schedule 1 (Do not round intermediate calculations. Round \"Federal tax\" 10 2 decimal places) Required a. How much federal tax will she owe? b. What is her average tax rate c. What is her effective tax rate d. What is her current marginal tax rat.e Complete this question by entering your answers in the tabs below. Req B Req D Print How much federal tax wil she owe 116,761 Req B

Solution

Taxable Income          400,000 Interest from Investment              2,000 Total income          402,000 Federal Tax 2017 tax rates 10%(0-9325)                  933 15%(9325-37950)              4,294 25%(37950-91900)            13,488 28%(91900-191650)            27,930 33%(191650-416700)            69,416 Total          116,059 Average tax rate Federal tax/Total Income 29%